Damac founder and chairman Hussein Sajwani said Dubai property market remains stable
The Damac Properties brand will not suffer because of its ties to Donald Trump and the Trump Organization, founder and chairman Hussein Sajwani said in an interview.
In an interview with CNBC at the World Economic Forum in Davos, Sajwani said the deals that Damac has signed with the Trump Organisation - to operate two golf courses in Dubai - are not negatively affected by the ebbs and flows of President Trump’s popularity.
“We have opened the first golf course…we’re very happy with the design [and] the quality,” he said. “I think it’s one of the best golf courses, not in the Middle East, but around the world.”
“Our second golf course is on the way, and I don’t see any impact, any effect of our business [due to Donald Trump]. We’re doing business as usual,” he added. “As a matter of fact, last year, our sales, I think, are going to be up by a few percentage [points].”
Sajwani also said he believes that the Dubai realty market remains and stable, leading him to be optimistic about the future.
“I don’t see a danger of [over]capacity because we have about half a million freehold units in Dubai,” he said. “We’re growing at last three to four percent.
“We need a minimum of 15,000 units very year. In the last three years, we’ve produced less than 10,000 units,” he added. “Going forward I don’t see more than 10,000 to 12,000 units, so I see supply and demand equilibrium."